India’s Economy, Rapid Development & the Long View

India, the world’s largest democracy, is no longer a sleeping giant. According to Statistics Times (ST), India currently places 6th on the global list for GDP output at more than $2.5 trillion. ST also provides projected GDP levels in the year 2030, showing India moving up to 3rd place with a total GDP of $10 trillion. By 2030, China will have overtaken the United States with a GDP of $34.3 trillion with the US at $33 trillion.

Many Issues Faced by India

According to the report “India and the Global Economy” from the Hudson Institute, the following are key areas India will be working on as it seeks to move up in global GDP rankings:

energy, environment, and education sector reforms along with more private sector participation

India’s Natural Resource Challenges

A recent World Bank report, “India’s Water Economy: Bracing for a Turbulent Future,” discusses India’s current era as that of “large investments in major infrastructure” including groundwater use. India is working to improve water supply services by stimulating economic competition, adopting the best technologies, and putting better regulations on the exploitation of water resources. The major goal is to ensure that local peoples all over India benefit from major water projects. Finally, protecting the cleanliness of water will be paramount as will creative financing to help projects get off the ground.

Pathways to Indian Success in Sustainable Rapid Development

In a 48-page report, “India: Pathways to Sustaining Rapid Development in a New Climate Economy,” a new “Make in India” campaign by Prime Minister (PM) Narendra Modi is outlined along with the the”New Climate Economies India Initiative” that seeks to eliminate what are described as pervasive inefficiencies in Indian markets due to policy and institutional failures and weaknesses.

Modi’s new policies include:

fuel subsidy reforms

electricity sector reforms

the creation of new energy efficiency standards

the implementation of fuel taxes to promote more efficient fuel mixes

reducing the high cost of renewable energy sources

better livestock management

improved forest tree initiatives

urban land regulation reform

build, expand, and renew urban infrastructure

strengthen urban local government

India’s Most Global City Serves as a Model

Many who have had dealings with India have conducted business with companies in Mumbai which is a member of the Global Cities Initiative. Mumbai’s governance and outward-looking view makes it a great model for the rest of India’s cities. A 40-page report, “Mumbai: India’s Global City,” assesses Mumbai’s competitiveness on a global scale comparing it to cities like Sao Paulo, Bangkok, Mexico City, and Jakarta.

The following video, “Growing Ambitions: The Forces Driving India’s Economy,” explains how India may one day overtake the US in terms of GDP.

David Russell Schilling

David enjoys research and writing about cutting edge technologies that hold the promise of improving conditions for all life on planet earth.